Japanese Candlesticks Analysis 23.10.2017 (GBP/USD, GOLD)

GBP USD, “Great Britain Pound vs US Dollar”

At the H4 chart, after being corrected to the upside, the GBP/USD pair continues falling and forming Engulfing, Doji, Hammer, and Shooting Star reversal patterns to define the borders of the channel. By now, the price has completed another correction towards the resistance level at 1.3215 and formed another Shooting Stat pattern. The downside target is the support level at 1.3046.

XAU USD, “Gold vs US Dollar”

At the H4 chart, the instrument formed the ascending channel with Engulfing and Shooting Star patterns to define its borders. Later, the price tested the resistance level at 1305.00 and started falling. After another correction, the pair rebounded from the resistance level at 1290.00 with Engulfing and Doji patterns, broke the support level at 1277.50, and then continued falling. The downside target is still the support level at 1268.43.